Market this week

My prediction for last week turned out to be true. I sold many long positions on Monday. Nasdaq and QQQQ with their huge large cap tech stocks were safe havens for this year. This week with CSCO earnings all that was shattered. Mr. Market is very good at shattering safe havens. Ok, now where do we go from here ? This is a very difficult question to answer. Would we turn around here and go back to new highs-possibly not. All I can say for sure is that Friday's low will be taken out. The QQQQ will make a trip to 49.70. That should (hopefully) provide a good support for a bounce rally. So, it is not wise to sell your long positions in panic on Monday. The likelihood of a bounce is very high. Good Luck !!